People seeking a golden visa often want a Plan B. Indonesia’s attitude to debt makes the country promising to investors, says Bloomberg Opinion’s Shuli Ren.
In late August, his government introducedthat allows wealthy foreigners to remain in the Southeast Asian nation for an extended period of time.
For a country once considered a member of the Fragile Five, Indonesia is especially cognisant of the power of foreign money and how fast flows can move. To this day, foreigners own about 15 per cent of government bonds.The more interesting question is why Americans would want a golden visa from Indonesia - other than that the nation does not have an extradition treaty with the US. They are not short of choices, including Portugal, Malta and Montenegro, to name a few.
The Congressional Budget Office doesn’t see Washington go on a diet. Instead, it forecasts the fiscal deficit to average at 6.1 per cent of gross domestic product over the next decade. Already, the government spends 14 per cent of its tax revenue on net interest payments, the highest level since 1998.
This conservative attitude is a refreshing narrative in a world awash with leverage. From China to the European Union and the US, investors worry how much debt is too much, and when a full-blown financial meltdown will arrive.
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